AT&T Wireless bid war underway [updated]

A bidding war for US carrier AT&T Wireless is underway according to the Wall Street Journal. Cingular and Vodafone both bid on the #3 carrier before the Feb. 13th deadline. Over the weekend both companies increased their bids. Reports currently place the price tag at $38 billion, an increase of $3 billion from Friday's bids.
Update: The New York Times says that AT&T Wireless execs are leaning towards Vodafone.